1. RE-BENCHMARKING OF EXISTING DETACHED HOME SALES March 15, 2013

2. What is Getting Revised? Downward Revision to California Existing Detached Home Sales No Revision to Median Home Price No Revision to Local (County/Region) Sales and Price Statistics No Revision to Unsold Inventory Index (Months of Supply of Inventory) No Revision to Median Time on Market No Revision to Housing Affordability Index No Revision to Distressed Sales Statistics No Revision to Pending Home Sales Index

3. Reported and Re-Benchmarked Annual Existing Detached Home Sales Annual Sales (Previously Reported) Annual Sales (Re-benchmark)Revision 2000 535,470470,730 -12.1% 2001 503,990448,560 -11.0% 2002 572,550511,740 -10.6% 2003 601,770550,550 -8.5% 2004 624,740571,440 -8.5% 2005 624,960576,240 -7.8% 2006 477,460438,970 -8.1% 2007 346,940292,420 -15.7% 2008 441,810381,420 -13.7% 2009 546,860474,860 -13.2% 2010 492,290416,520 -15.4% 2011 497,860 422,550 -15.2% 2012 525,120 440,690 -16.1%

4. Previously Reported (Old) and Re-Benchmarked (New) Annual Existing Detached Home Sales (C.A.R. and N.A.R.) CA (Old)CA (New)RevisionUS (Old)US (New)Revision 2007 346,940292,420-15.7%4,939,0004,420,000-10.5% 2008 441,810381,420-13.7%4,350,0003,660,000-15.9% 2009 546,860474,860-13.2%4,566,0003,870,000-15.2% 2010 492,290416,520-15.4%4,308,0003,708,000-13.9% 4-year Average 456,975391,305-14.4%4,540,7503,915,000-13.9%

5. CA Sales of Existing Detached Homes (Annual)

6. CA Sales of Existing Detached Homes (Monthly)

7. Reasons for the Difference in Sales Before and After Re-Benchmarking C.A.R. expanded data sample size and increased coverage over more sampled geographic areas More data is being retrieved electronically through a more reliable process, which allows C.A.R. to collect data more accurately and with more consistency across the board Fewer FSBO home sales and more REALTOR®-assisted home sales More Homebuilders seek REALTOR®-assistance in listing properties on MLSs